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Corrections Corporation of America Message Board

  • NoonanGF NoonanGF Jul 8, 2000 9:17 AM Flag

    Flipper: I haven't been here in

    ding for
    liquidation rather than for slow (2 years...?)

    I appreciate your comments much. Thanks in advance.

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    • Shares in 2.5 ish range by a director. This is a goood sign and likely accounts for the bump up today on the news that took place within the last month.

    • up 3/16ths Volume 183,600

    • What you say makes sense. I'm not sure about
      Cibola, but California City was losing at least $1M per
      month prior to taking on the 300 Marshall Service
      prisoners. My bet is the losses there were close to $1M per
      month even with those prisoners, when the pro forma
      $39M Q1 cash flow number was generated. The 20%-25%
      cash flow margin ignores this loss. What was/is
      Cibola's status prior to the arrival of BOP inmates?

    • Nov 5 calls are increasing in value again.

      Last time this happened was right before the jump to 3.5

      Does someone know something?

    • the fact that CCA is PRESENTLY incurring
      tremendous costs and losses at Cal City and Cibola. Thus,
      while an assumed 20% operating margin may be "right on
      the money", understanding the increase in PZN/CCA
      profitiability from these contracts requires some assumption
      concerning the run rate of current losses. If, for example,
      current losses are $10 million a year (just a number, not
      an estimate), the INCREASE in annual profits would
      be approximately $25 million instead of $15 million.

    • Yes thanks for your corrections. I think it is
      good to put in the pref A div. just to see what the
      numbers looks as an entity fully up and

      Bottom line the numbers are not a disaster as long as no
      more "Youngstown's" sprout up I guess.

      Correctional Prop. Trust pays 175 basis points over LIBOR for
      their prison debt. Imagine the savings if PZN could get
      to even 2.50% over LIBOR. I guess we're talking 2002
      to see that number, but you never know.
      Hard to
      believe the estimates before the 1998 merger were $1 a
      share after tax.....look at it now just a few years

      With the coming of the rights offering/PIK
      pref./merger to CCA I've given up trying to guess pre-share

    • I have to believe that with the
      Cash Flow
      numbers I've seen, BK
      isn't a possibility. Even
      the preferred I've got isn't
      dividends, I've got in at such a low price that I'll make

      money with the accrual sooner or later. If the banks
      really thought
      this was a BK, why didn't they just
      pull the plug already instead of laying out another
      $55M? I'm
      certain they knew PL was

      Also, once the merger gets done, don't you think the
      potential for
      raising capital to pay down the
      is more likely, if not from
      a rights offering,
      then perhaps through a private placement or
      further asset sales?

      Finally, does Carl Icahn
      have any
      PZN? I remember someone posted an

      excerpt from a SEC filing a few months back. After
      Nabisco, he's
      got about half a billion more to invest.
      Thanks for your posts, very

    • Based on 118.4 mil shares? If PZN issues shares
      to CCA holders and does a rights offering to raise
      the $100 mil, are we not looking at a lower number?
      And will the PIK be convertible at some date? Pardon
      my confusion, but I still don't know what this
      animal is worth.

    • I hear what you're saying but I just think the next twelve months are very critical. Any decision you make on PZN must first and foremost be based on your view of the next twelve months.

    • Three month LIBOR today is at 6.73, but I am not sure where the 6.28 and 5.31 come from. The one year LIBOR today is 7.06.

      All LIBOR rates are quoted for spot value.

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